Binance Coin Declines as It Faces Rejection Thrice at the $380 Resistance

Binance Coin's (BNB) price is trading at $359 at the time of writing. Since June 9, buyers have been struggling to break above the $380 resistance but to no avail. In the first attempt to break above the $380 resistance, the altcoin dropped to $326 low and resumed upward.

In the second attempt, the crypto was resisted as the altcoin continued selling pressure. On the upside, if the bulls have broken the $380 resistance and retested it, the market will rise to retest the $430 resistance. Binance Coin will continue to fall as long as the lower high of $380 remains unbroken. The downtrend may continue to the low of $311.

Binance Coin indicator reading 

The crypto is at level 43 of the Relative Strength Index period 14. It indicates that BNB is in the downtrend zone and it is below the centerline. BNB is above the 40% range of the daily stochastic. This indicates that the market has bullish momentum.

Technical indicators:  

Major Resistance Levels – $700 and $750

Major Support Levels – $400 and $350  

What is the next direction for BNB/USD?

BNB/USD may decline as bulls fail to break the $380 resistance. Meanwhile, on June 8 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.272 Fibonacci extension or level $311.60.   

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: Read Full Article